Core Points - The China Securities Regulatory Commission (CSRC) has released three financial industry standards aimed at enhancing data governance and digital transformation in the securities and futures sectors [2][3] - The standards include specifications for data elements related to securities exchanges, enterprise asset securitization, and asset management business for futures companies [2][3] Group 1: Securities Exchange Data Standards - The "Securities and Futures Industry Business Domain Data Element Specification Part 4: Securities Exchange" standard categorizes business-related data items, including their definitions, types, and lengths, to guide data construction and application in the industry [2] - Implementation of this standard is expected to improve data processing and storage, enhance data circulation efficiency, and accelerate the digital transformation of the industry while strengthening information disclosure in key areas [2] Group 2: Enterprise Asset Securitization Standards - The "Securities and Futures Industry Business Domain Data Element Specification Part 5: Enterprise Asset Securitization" establishes a comprehensive data element specification for the entire lifecycle of enterprise asset securitization [2] - This standard aims to provide practical and universal norms for data in the enterprise asset securitization sector, reinforcing data governance and promoting efficient information sharing within the industry [2] Group 3: Asset Management Data Standards - The "Futures Company Regulatory Data Collection Specification Part 2: Asset Management Business" standard defines data elements for asset management business, enhancing the standardization of regulatory data collection [3] - The implementation of this standard is anticipated to improve data governance levels in the industry and facilitate the digital and intelligent transformation of regulatory practices [3] Future Directions - The CSRC plans to continue developing data governance and business service standards to systematically advance the information technology and digital construction of the capital market, thereby strengthening the foundation for technology-driven regulation [3]

与此同时，还进一步健全了监督问责机制，加强对举报线索处理过程中履职不力行为的追责问责。 规定线索处理单位的工作人员若对吹哨人提供的重大违法行为线索不履行职责、玩忽职守、徇私舞弊， 影响查处工作的，将视情节轻重依法依规给予处分；涉嫌犯罪的，移送司法机关依法处理。 为进一步完善举报制度，更好适应资本市场高质量发展和监管执法工作要求，结合举报工作实践， 中国证监会会同财政部对2020年发布的《证券期货违法违规行为举报工作暂行规定》（下称《举报规 定》）进行了修订完善，形成了《证券期货违法行为吹哨人奖励工作规定（征求意见稿）》（下称《吹 哨人奖励规定》），并向社会公开征求意见。 新修订的《吹哨人奖励规定》明显加大了对举报人的奖励力度。例如，将奖金比例从案件罚没款金 额的1%提高到3%。对于提供重大违法行为线索的举报人，奖金上限从10万元提升至50万元。如果提供 的案件线索在全国范围内有重大影响，或者涉案数额特别巨大，或者举报人为内部知情人员，每案奖金 上限从30万元或60万元统一提升至100万元。 举报制度是资本市场建设的一项重要制度。通过完善的举报制度，可以进一步发现证券期货市场所 发生的各种违法行为，从而推动监管 ...

截至10月10日，恒生指数夜期(10月)收报26354点，跌412点或1.539%，低水399点。未平仓合约总数为 122532张，减少8060张；未平仓合约净数报45990张，增加3311张。 ...

熊锦秋 近日，证监会会同财政部对《证券期货违法违规行为举报工作暂行规定》进行修订并形成《证券期货违 法行为吹哨人奖励工作规定》（征求意见稿）（下称《意见稿》）。 此次《意见稿》修订，"举报人"修改为"吹哨人"，同时还定义了吹哨人概念，强调了内部知情人的正义 担当和专业特点，突出了激励导向，符合国际惯例。奖励力度也显著提升，奖励金额比例从罚没款金额 的1%提升至3%，并区分不同情形设置奖金上限，比如对全国重大影响案件吹哨人奖金上限提升至100 万元。《意见稿》还规定了对吹哨人保护措施，包括严格保密信息、严禁打击报复等。 堡垒最容易从内部攻破，内部知情人能掌握更多、更精准的违法违规线索，其举报行为客观上有利于拓 宽监管线索来源，指引精准稽查方向。为最大化发挥吹哨人奖励制度的威力，可在激励力度、资金保障 等方面细化优化。为此建议： 一是进一步研究提高奖励比例的可能性。对吹哨人奖励金额的设定，应充分考虑到举报人可能面临的巨 大职业风险和个人牺牲，使其"机会成本"与潜在收益相匹配。美国证监会（SEC）在处罚金额超过100 万美元的案件中，举报人可获得罚没金额10%至30%的奖励，近年来SEC曾向单个举报人发出上亿美元 ...

Core Insights - The Chinese government aims to fully transition to an intelligent economy and society by 2035, providing strong support for achieving socialist modernization [1] - Artificial intelligence is reshaping the derivatives market by enhancing trading models, efficiency, risk management, and clearing mechanisms, leading to a more efficient, transparent, and globalized market [1] Group 1: Impact of AI on Derivatives Market - AI, particularly based on large language models, is driving the financial industry from basic digitization to deep intelligence, significantly enhancing the scale, liquidity, efficiency, and service capabilities of the domestic derivatives market [2] - The rise of high-frequency algorithmic trading, influenced by technological advancements, has led to a substantial increase in its market share, improving liquidity and trading efficiency while narrowing bid-ask spreads [2][3] - The reduction of information asymmetry in the derivatives market is increasing overall market transparency and efficiency [2] Group 2: Future Trends and Opportunities - The open-source nature of large computing models and reduced computing costs will lead to widespread application of AI-driven strategy optimization, enhancing market effectiveness and pricing efficiency for complex derivatives [3] - The evolution of the derivatives market from a "tool market" to an "algorithmic ecosystem" will strengthen the dominance of institutional investors, with top firms contributing significantly to market liquidity [3][4] - AI is also facilitating the development of intelligent risk management and compliance systems, with firms exploring AI-based risk management frameworks to enhance efficiency and coverage of various risk scenarios [4] Group 3: Technological Advancements in Trading - The application of technology is crucial for competitive advantage in the derivatives market, with efficient pricing algorithms and low-latency trading systems becoming essential for market participants [6] - AI technologies are enabling dynamic risk control models and intelligent simulations of various stress scenarios, enhancing the risk management capabilities of trading firms [6][7] - Real-time risk monitoring systems and machine learning models for stress testing are expected to improve the ability to withstand extreme risk events [7] Group 4: Market Maturity and Global Positioning - The maturation of the domestic derivatives market will enhance China's pricing power in international commodity markets, attracting more foreign investors and diversifying market participant structures [5] - The increasing complexity and variety of derivatives will help enterprises better manage operational costs and risks [5]

10月9日，恒生指数夜期(10月)开市报26765点。截至北京时间17:20，恒指夜期(10月)报26780点，升14 点或0.052%，高水27点，成交量为136张。未平仓合约总数为130592张，未平仓合约净数报42679张。 ...

Core Points - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have released a draft regulation aimed at enhancing the whistleblower reward system for reporting violations in the securities and futures markets, promoting a culture of accountability and integrity [1][2][3] Group 1: Regulation Highlights - The regulation's name has been changed from "Interim Provisions on Reporting Violations in Securities and Futures" to "Whistleblower Reward Regulations for Securities and Futures Violations," emphasizing the spirit of justice and professional characteristics [1] - The criteria for rewards have been expanded to include major cases that severely disrupt market order, threaten financial security, or infringe on investors' rights, with the minimum penalty amount for rewards increased from 100,000 yuan to 1 million yuan [2] - The reward percentage has been raised from 1% to 3% of the penalty amount, with caps on rewards for significant cases increased from 100,000 yuan to 500,000 yuan, and for cases with major national impact, the cap has been raised to 1 million yuan [2] Group 2: Protection Mechanisms - The regulation includes measures for anonymous management of whistleblower identities and strict protocols for handling personal information of internal informants [2] - It prohibits any form of retaliation against whistleblowers, including violence, coercion, defamation, or breach of privacy, ensuring that whistleblowers can report violations without fear [2] Group 3: Market Impact - The introduction of this regulation is seen as a significant step towards legal governance in the securities and futures market, providing a structured and anonymous channel for reporting violations, which is expected to deter market manipulation and insider trading [3] - The regulation aims to connect external supervision with internal self-regulation through a reward mechanism, enhancing market transparency and credibility, which is crucial for the long-term stability of the securities and futures market [3]

人民财讯10月9日电，9月末外储再超3.3万亿美元，央行连续11个月增持黄金；证券期货违法行为吹哨 人奖励工作规定草案征求意见，较大幅度提高奖励标准；沪深交易所：合格境外投资者可参与ETF期权 交易，交易目的限于套期保值；10月9日起，北交所所有股票将全部切换为920新代码；我国科研人员解 决全固态金属锂电池界面接触难题；国庆档电影总票房突破18亿元，全年总票房有望冲击500亿元；美 国联邦政府时隔近七年再"停摆"；纳指涨1.12%，标普500指数涨0.58%，两者均创收盘新高，AMD涨超 11%。 ...

Domestic News - Chinese Ambassador to the U.S. emphasized the need for China and the U.S. to expand their cooperation list and deepen mutual interests, focusing on areas like illegal immigration, fentanyl, and AI collaboration [1][2] - The Ministry of Commerce responded to Mexico's anti-dumping investigations against Chinese products, asserting opposition to protectionist actions and ensuring the protection of Chinese enterprises' rights [1][2] - The National Development and Reform Commission (NDRC) announced support for private enterprises to participate in the "AI+" initiative, including the issuance of "AI vouchers" to subsidize computing power services [2][3] - Eight departments issued a plan to stabilize the growth of the non-ferrous metals industry, targeting an average annual growth of 5% and a recycling metal output exceeding 20 million tons [2][3] - The Ministry of Finance and the Ministry of Commerce will pilot new consumption models in about 50 cities to stimulate high-quality consumption and innovation [2][3] - The National Bureau of Statistics reported that the manufacturing PMI for September was 49.8%, indicating continued improvement in manufacturing activity [2][3] International News - The U.S. federal government has entered a shutdown, affecting hundreds of thousands of federal employees and public services, with potential economic impacts [4][5] - The S&P Global Ratings indicated that the government shutdown may only slightly impact GDP growth, estimating a decrease of 0.1-0.2 percentage points for each week of shutdown [4][5] - The Eurozone's inflation rate for September was reported at 2.2%, influenced by rising service prices and stable energy prices [4][5] - The European Environment Agency reported significant progress in reducing greenhouse gas emissions, but warned of ongoing threats to natural environments and biodiversity [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) and the Ministry of Finance have proposed a draft regulation to significantly increase the rewards for whistleblowers reporting securities and futures violations, enhancing the incentive structure to combat illegal activities in the capital market [1][4]. Summary by Sections Reward Standards - The reward amount for whistleblowers has been increased from 1% to 3% of the penalties collected from the case [4] - The maximum reward for providing significant violation leads has been raised from 100,000 yuan to 500,000 yuan [4] - For cases with nationwide impact or involving particularly large amounts, the maximum reward has been unified to 1 million yuan [4] Definition and Purpose - The draft regulation aims to refine the whistleblower system, emphasizing the role of whistleblowers in protecting investors' rights and aligning with international practices [2] - A whistleblower is defined as an individual or entity that provides evidence of securities and futures violations to the CSRC [2] Historical Context - The previous regulation was implemented in June 2014, and there has been a growing emphasis from the central government on strengthening the whistleblower system in response to market demands [3] Protection Mechanisms - The draft includes comprehensive protection for whistleblower identities, ensuring anonymity and safeguarding against retaliation [6][7] - Strict measures are outlined to prevent any form of intimidation or retaliation against whistleblowers, with severe penalties for companies that retaliate [7] Accountability and Oversight - The draft establishes a mechanism for holding accountable those who fail to act on whistleblower information, with potential legal consequences for negligence or misconduct [8]